EUR/USD holds up amid recent downturn
EUR/USD has been selling off sharply throughout the latter part of the past week, with the pair moving towards the crucial $1.1526 support level.
The wider trend points towards a recent inverse head and shoulders formation in play, but should this fall see the pair drop below $1.1526 support, it would largely negate that pattern. With the price failing to break below Friday’s lows thus far, there is a chance that we could see the pair start to regain ground. Ultimately, a break below $1.1526 would signal a bearish wider view coming into play. Until that happens, watch for a potential recovery from here, with a break above $1.1629 adding greater confidence to that upside potential.